Gisaïa, member of AEROSPACE VALLEY, Skyline Partners, e-Odyn are excited to announce that their consortium won a grant by the European Union’s Horizon 2020 research and innovation programme coordinated by Aerospace Valley. The award was through a tendering process that saw the consortium emerge with top scores for their proposal responding to “Emerging indUstries new value chains boosted by small Flying Objects - UFO”
The UFO project seeks to develop cross-sectoral industrial value-chains between selected emerging industries, to stimulate new products and services from small and medium enterprises.
Mr Thaddé Bouchard, the UFO Coordinator at Aerospace Valley shares what got FAIR on the winning list.
“Based on a high quality application, the project FAIR presents for UFO a great opportunity to combine new market opportunities with climate change tackling. The parametric products proposed by FAIR, leveraging on advanced scientiﬁc and insurance models, represent a highly innovative approach for ship insurance. FAIR proposes a promising solution in contrast with traditional practices of the insurance industry in the marine sector demonstrating how satellite data can foster the value chains of emerging industries.”
The award will allow the consortium to bring together their aggregated technologies to develop and test a parametric index insurance product for the marine sector. Mr Bouchard notes that FAIR put together the right actors to successfully execute the project.
The grant runs between May 2021 - May 2022. After the one year development period, the consortium aims to put a fully transparent risk transfer product that protects ship owners while also beneﬁting the environment . This will be achieved through full automatiomation of risk calculations based on Earth observation data to cover overlooked aspects of operations.
The consortium, which is made up of marine data specialists, geo-big data analytics experts and parametrics insurance specialists, believes that this project will open up a new revenue stream for Small Flying Objects (SFOs), in high value marine insurance .